Dow leaps 286 points, best day of the year
Getco Securities traders Philip Finale, left, and its floor official Peter Giacchi, right, work on the floor of the New York Stock Exchange. A 200-point charge turned the Dow Jones industrial average positive for the year following a dismal stretch in May. (June 6, 2012) Credit: AP
The Dow Jones industrial average surged 286 points, its best day this year.
The Dow jumped 2.4 percent to close Wednesday at 12,415. The gain turned the index positive for the year and erased a 275-point plunge set off by a dismal U.S. jobs report last Friday.
Hope that Europe would help ease the region's debt crisis helped launch the rally. A news report said European officials were moving quickly to find a way to rescue Spain's hobbled banks.
In other trading, the Standard & Poor's 500 index rose 30 points to 1,315. The Nasdaq composite index jumped 67 to 2,845.
Seven stocks rose for every one that fell on the New York Stock Exchange. Trading volume was slightly higher than average at 4.1 billion shares.
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Get ready for sun and fun with NewsdayTV's summer FunBook special! From celebrating America's 250th birthday to a new ride at Adventureland, NewsdayTV's Elisa DiStefano and Newsday lifestyle editor Meghan Giannotta have your inside look at Newsday's summer FunBook.
